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FEDERAL RESERVE OF NEW BANK YORK t Circular No. 2 8 8 0 1 January 5, 1945 J Thirtieth Annual Statement To the Stockholders Federal Reserve of the Bank of Nero Yorlc: W e hand you herewith a statement of condition of the Federal Reserve Bank of New York at the close of the year 1944, and of the profit and loss account for that year. For convenient comparison, the corresponding figures for the previous year, 1943, are also shown. The regular annual report of the bank, containing an account of its operations for the year ended December 31, 1944, is in course of preparation. When it is issued a copy will be sent to each stockholder. ALLAN SPROUL, President. Statement of Condition (In thousands of dollars) Dec. 31, 1944 Dec. 31,1943 A S S E T S $ 5,904,288 $ 5,149,403 22,844 106,731 74,244 57,125 RESERVES $ 6,001,376 $ 5,313,259 AND ADVANCES $ 2,185 $ 77,775 $ 126 $ 12 GOLD CERTIFICATES DISCOUNTS U . S. Treasury.. FUND—Federal Reserve notes REDEMPTION TOTAL on hand and due from INDUSTRIAL LOANS U . S . GOVERNMENT SECURITIES: $ 2,474,891 $ 2,259,370 271,407 1,622,723 74,569 520,764 179,243 412,908 $ 3,000,110 $ 4,815,765 $ 3,002,421 $ 4,893,552 $ $ NOTES TOTAL U . S. GOVERNMENT SECURITIES (including guaranteed securities) TOTAL LOANS AND SECURITIES D U E FROM FOREIGN BANKS 56* 49* 12,394 17,759 502,634 569,682 B A N K PREMISES 9,121 8,894 O T H E R ASSETS 9,936 16,460 $ 9,537,938 $10,819,655 80 86 FEDERAL RESERVE NOTES OF OTHER BANKS UNCOLLECTED ITEMS TOTAL ASSETS " A f t e r deducting participation of other Federal Eeserve B a n k s . Federal Reserve Bank of New York (In thousands of dollars) L I A B I L I T I E S Dec. 31, 1943 Dec. 31,1944 $ 4,263,922 $ 4,554,844 210,279 175,050 466,212* 287,547 $ 5,320,745 NOTES $ 4,851,017 246,308 RESERVE $ 3,766,861 600,236* FEDERAL $ 5,483,653 $ $ DEPOSITS : M E M B E R BANK—reserve account U. S. TREASURER—general account DEFERRED AVAILABILITY ITEMS 319,639 CAPITAL 1,139 $ 9,390,514 TOTAL LIABILITIES 1,154 $10,655,448 $ O T H E R LIABILITIES including accrued dividends 301,754 $ A C C O U N T S 57,440 59,282 70,012 7,092 OTHER CAPITAL 7,142 12,880 ACCOUNTS 84,903 12,880 TOTAL CAPITAL ACCOUNTS $ TOTAL LIABILITIES AND CAPITAL ACCOUNTS $ 9,537,938 $10,819,655 66.0% 51.4% to deposit and Federal Reserve note liabilities combined 147,424 $ 164,207 R A T I O OF TOTAL RESERVES $ * A f t e r deducting participation o f other Federal Reserve B a n k s . 9 759,843 $ 735,225 Profit and Loss Account For the calendar years 1943 and 194-1 (In thousands of dollars) 1943 EARNINGS $ N E T EXPENSES CURRENT 1944 17,998 $ 10,034 NET EARNINGS 28,993 11,445 $ 7,964 $ 17,548 $ 10,217 $ 829 ADDITIONS TO CURRENT NET EARNINGS: PROFITS ON SALES OF U . S . GOVERNMENT SECURITIES 28 T O T A L ADDITIONS $ 10,245 $ $ DEDUCTIONS FROM CURRENT NET RETIREMENT 133 2.389 $ 962 EARNINGS: SYSTEM SPECIAL RESERVE ON BANK PREMISES — 482 7 5 % TOTAL DEDUCTIONS $ P A I D U N I T E D S T A T E S TREASURY 5 15,331 $ 18.505 $ (Section 13b) $ $ N E T EARNINGS 2,878 18 $ 80 3,280 TRANSFERRED TO SURPLUS (Section TRANSFERRED TO SURPLUS (Section 22 7) SURPLUS (Section 7) $ BEGINNING OF YEAR ADDITION AS ABOVE SURPLUS (Section 7) 51 12,011 13B) 3,483 14,891 58,001 $ 12,011 END OF YEAR $ 4 70,012 70,012 14,891 $ 84,903 Federal Reserve Bank of New York DIRECTORS BKARDSLEY BUML, Treasurer, R. H. Macy & Co., Inc., New York, N. Y. Chairman WILLIAM I. MYERS, Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y . Deputy Chairman CHARLES E . ADAMS, Chairman, Air Reduction Company, Inc., New York, N. Y . DONALDSON WARREN W . BROWN, S . S L O A N COLT, Vice Chairman of the Board, General Motors Corporation, New York, N. Y . ROBERT D . CLUTE, JR., President, Glen National Bank of Watkins Glen, Watkins Glen, N. Y . President, Bankers Trust Company, New York, N. Y. CAT.KINS, CARLE C . C O N W A Y , Dean, School of Business, Columbia University, New York, N. Y . Chairman of the Board and President, Continental Can Company, Inc., New York, N. Y . HARRY H . POND, President, The Plainiield Trust Company, Plainfield, N. J. OFFICERS A L L A N SPROUL, LESLIE R. ROUNDS, First Vice President President JAMES M . RICE, Vice President J . WILSON JONES, Vice President HAROLD V . ROELSE, Vice President L . WERNER KNOKE, Vice President ROBERT G. ROUSE, Vice President WALTER S. LOGAN, Vice President and General Counsel JOHN H . WILLIAMS, Vice President ARTHUR PHELAN, Vice President VALENTINE WILLIS, Vice President REGINALD B . WILTSE, Vice President HAROLD A . BILBY, Assistant Vice President FELIX T. DAVIS, Assistant Vice President EDWARD O. DOUGLAS, Assistant Vice President HERBERT H. KIMBALL, Assistant Vice President SILAS A. MILLER, Assistant Vice President HORACE L. SANFORD, Assistant Vice President WILLIAM F . SHEEHAN, Chief JOHN H. WURTS, Assistant Vice Examiner President TODD G. TIEBOUT, Assistant General Counsel RUFUS J. TRIMBLE, Assistant General Counsel WILLIAM F. ABRAHAMS, Manager, Security Custody NORMAN P. DAVIS, Manager, Foreign Funds Control Department Department, and Manager, Security Loans Department LOREN B. ALLEN, Manager, Accounting Department MARCUS A . HARRIS, Manager, Securities Department DUDLEY H. BARROWS, Manager, Cash Department WILLIAM A. HEINL, Manager, Personnel Department CURTIS R. BOWMAN, Manager, Credit Department DANIEL J. LIDDY, Manager, Foreign Department HARRY M. BOYD, Manager, Savings Bond Redemption MICHAEL J. MCLAUGHLIN, Manager, Service Department Department FRANKLIN E. PETERSON, Manager, Banlc Relations Department ROBERT H. BROME, Assistant Counsel, and Assistant RALPH W . SCHEFFER, Manager, Check Department Secretary FREDERICK STOCKER, Manager, Cash Custody Department WESLEY W . BURT, Manager, Government Bond Department WILLIAM F . TREIBER, Assistant Counsel, and Secretary JAMES J. CARROLL, Manager, Planning Department CHARLES N. VAN HOUTEN, Manager, Safekeeping Department ROY E. WENDELL, Manager, Government Check Department WILLIAM H . DILLISTIN, General Auditor DONALD J. CAMERON, Assistant General 5 Auditor Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL JOHN C. TRAPHAGEN, President, Bank of New York, New York, N. Y . INDUSTRIAL ADVISORY COMMITTEE WILLIAM H. POUCH, Chairman President, Concrete Steel Company, New York, N. Y . A R T H U R G . N E L S O N , Vice EDWARD J . Chairman President, A . G. Nelson Paper Company, Inc., New York, N. Y. NOBLE, Chairman, Life Savers, Inc., Port Chester, N. Y . Buffalo Branch of Federal Reserve Bank of New York DIRECTORS GEORGE H . ELMER B . BANGERT, MARION B . FOLSOM, GILBERT A . PROLE, Treasurer, Eastman Kodak Company, Rochester, N. Y . LEWIS G. MILLIMAN, President, Central Trust Company Rochester, N. Y., Rochester, N. Y . President, The First National Bank of Ivenmore, Kenmore, N. Y . Chairman, Genesee Farm Supply Company, Batavia, N. Y . HARRIMAN, T H O M A S ROBINS, JR., President, Manufacturers and Traders Trust Company, Buffalo, N. Y. President, Hewitt Rubber Corporation, Buffalo, N. Y . INSLEY B . SMITH, Managing Director OFFICERS INSLEY B . SMITH, Managing HALSEY W . SNOW, Director GEORGE J. DOLL, Assistant 6 Cashier Cashier FEDERAL RESERVE OF NEW BANK YORK January 9, 1945. To all Banking Institutions in the Second Federal Reserve District: W e are pleased to announce that Raritan State Bank, Raritan, New Jersey, has become a member of the Federal Reserve System effective January 9, 1945. ALLAN SPROUL, President. FEDERAL RESERVE OF N E W BANK YORK January 10, 194-5 • CONSERVATION OF BAGS To each Member and Nonmember Bank in the Second Federal Reserve District: The increased use of fabrics in connection with the prosecution of the war and the shortage of available fabrics for other uses has made difficult the procurement of bags for use in shipping paper currency, coin, securities and checks. Thus, in order to maintain our present standard of service to the banks, it is necessary to use all available bags to the fullest possible extent. Accordingly, we shall appreciate your returning to us promptly by parcel post all bags bearing the imprint of the United States Mint or the Federal Reserve Bank of New York which you may now have or which may subsequently come into your possession. Bags bearing the imprint of our Buffalo Branch should be returned to the Branch in the same manner. We will reimburse you for the cost of postage. We appreciate the response of the banks in this district to previous requests regarding conservation measures, and we feel sure we can count upon your continued cooperation. Allan Sproul, President.